ARAMCO Report - The Mother of ALL Mortgage Blogs!

Home selling: what stays and what goes

Posted by Mehran Aram on Thu, Jul 18, 2019 @ 06:07 AM

An eccentric seller who had an emotional attachment to the door knobs in a home, a prize-winning rose garden and a crystal chandelier. These are just some of the unorthodox items sellers have taken from their home prior to moving out according to stories from seasoned Realtors. But according to the California Association of Realtors, there are some rules about what can actually be removed from a property.

The general rule-of-thumb is, if it’s nailed down, bolted or mounted, it stays behind. Understanding the difference between a fixture and personal property is key to knowing what to pack up. Buyers are legally entitled to receive all of the home fixtures as they appeared when the offer to purchase was made. But that hasn’t stop some sellers from stripping the home of some essentials that should have stayed like the toilet paper holders, light bulbs and the knobs to all the drawers and cabinets.

Unless sellers explicitly state otherwise in the negotiating process, home buyers shouldn’t expect to enter their new homes as victims of petty theft.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.00 percent and 15-year rates are near 3.375 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: Mortgage rates, home selling, Home Sellers

Calif. home sellers see top profits

Posted by Mehran Aram on Wed, Jun 26, 2019 @ 08:06 AM

Although profit margins have narrowed over the last year, homeowners are still making a bundle on the sale of their homes, particularly in California. Analytics company ATTOM Data Solutions studied the difference between what buyers originally paid for their home and how much they sold it for. The report found that among the top 20 markets nationwide, California had the biggest home seller gains.

San Francisco topped the list with a 74.0 percent return on investment, selling for an average of $385,000 above the original purchase price. This is down from a ROI of 81.6 percent seen last year. San Diego sellers saw a 42 percent return as of April, down from 50 percent during the same month last year.

Homeowners staying in their homes longer is leading to large seller gains. Despite the downturn from last year, current ROIs are still well above levels seen a decade ago.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.375 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: California Housing Market, Home Sellers, ATTOM Data Solutions

Memorial Day celebrations include closing escrow

Posted by Mehran Aram on Mon, May 27, 2019 @ 08:05 AM

In addition to patriotic celebrations, picnics and pool parties, the end of May is also a historically strong period for closing escrow. Reports show that the number of homes that close escrow the week before or after Memorial is more than double that of the Fourth of the July.

Retailers also use the occasion as a way to end “National Home Improvement Month” which concludes on May 31. This designation by the federal government coincides with the end of spring, a time when home sales are typically at their high point for the year.

Home sellers could use the long weekend to increase their curb appeal to potential buyers like power washing the driveway, planting flowers or clearing out the gutters.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: Mortgage rates, Home Sellers, National Home Improvement Month, Closing Escrow

Home sellers' declining profits signal a market shift

Posted by Mehran Aram on Thu, May 2, 2019 @ 06:05 AM

So far, 2019 seems to be a continuation of the slow but steady decline in profits realized by sellers that was seen last year. Property owners who sold a home in Q1 2019 shows an average profit of $57,500 since purchase, down from $61,000 at the end of 2018. This is according to ATTOM Data Solutions' Q1 2019 U.S. Home Sales Report.

These latest profit figures represent an average 31.5 percent return on investment for Americans who sold a home last quarter, compared to their original purchase price. The report also shows that sellers owned their home for approximately 8.05 years before selling, down slightly from a record-high average tenure of 8.17 years in Q4 2018.

Experts suggest that declining profits are a signal that conditions may be shifting from a sellers’ to a buyers’ market.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: Housing Market, Mortgage rates, Home Sellers, ATTOM Data Solutions, Property Owners

Prepping your home for a spring sale

Posted by Mehran Aram on Tue, Mar 12, 2019 @ 05:03 AM

Clutter doesn’t sell. This is the simple advice offered by staging professionals to those who are listing their home for sale this spring. Open closets, stacks of boxes and trying to hide things in the garage are all things that make it more difficult for house hunters to imagine moving in. According to the National Association of Realtors, nearly half of all buyers’ agents believe that staging has an effect on most buyers’ views of a property.

A poll of home buyers showed that 77 percent say a home that was carefully staged and looked like a family is living there made it easier to visualize it as their future home. Most found the living room to have the greatest effect, followed by the master bedroom and the kitchen.

In addition to increase the speed at which offers are received, one-third of buyers' agents state that staging a home increased the dollar value offered by as much as five percent. With the spring home buying season just around the corner, sellers may want to look around their home and consider the buyers’ perspective.

Conforming no-point 30-year fixed mortgage rates are averaging 4.25 percent, 15-year rates are near 3.75 percent and the 5-year ARM is averaging 4.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: National Association of Realtors, Mortgage rates, home buyers, Home Sellers

Home sellers averaged $61k in profits in 2018

Posted by Mehran Aram on Mon, Feb 11, 2019 @ 05:02 AM

Overall, 2018 was a seller’s market but recent housing data suggests that that may change soon. Property owners who sold a home in 2018 saw an average profit of $61,000 according to a new report. This is up from $50,000 in 2017 and $39,500 in 2016.

ATTOM Data Solution’s Year-End 2018 U.S. Home Sales Report showed an average 32.6 percent return on investment for Americans who sold a home last year, compared to their original purchase price. Many markets in California saw ROI’s well above twice the national average.

Driving the profits for home sellers are home prices rising to new records in 69 percent of major U.S. markets including San Diego.

Today, conforming no-point 30-year fixed mortgage rates are averaging 4.375 percent, 15-year rates are near 3.75 percent and the 5-year ARM is averaging 4.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: home sales, Mortgage rates, California Housing Market, San Diego Housing Market, California Home Sales, Home Sellers, Home Profits, Housing Data